An adjustable rate mortgage (ARM) is a type of mortgage that issues an interest rate that changes periodically that is reflected off an index, which can make payments go up or down. ARMS have a different layout compared to other mortgages. For exampl ...[read more]

Minimum Credit Score

620

A conventional loan is a type of mortgage loan that is not guaranteed by the government or federal agency. This includes the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA). Lenders offer conventional loans that are u ...[read more]

Minimum Credit Score

620

Key Advantage

No Upfront PMI
Various Long and Short Term Fixed Rate
Adjustable Products and Amortization Terms

If future homeowners are in the market to purchase a house that needs extensive repairs and maintenance work prior to moving in, they can finance an FHA 203(K) loan. Some lenders do not grant loans to homeowners that want to purchase a home that is i ...[read more]

Minimum Credit Score

600

An FHA loan is insured by the Federal Housing Administration and issued by a private mortgage lender. FHA loans are attractive to potential borrowers because they allow people to purchase a home with a small down payment and require an average credit ...[read more]

600

HomePossible is a special loan product offered by Freddie Mac that is designed for low to moderate-income borrowers. This program is currently expanded to help low credited borrowers finance homes in low-income areas. ...[read more]

Minimum Credit Score

620

Key Advantage

Freddie Mac 3% Down with Lower PMI Factor
Same as Conventional Loan Products

HomeReady is a special loan product offered by Fannie Mae that is designed for low to moderate-income borrowers. This program is currently expanded to help low credited borrowers finance homes in low-income areas. ...[read more]

Minimum Credit Score

620

Key Advantage

Fannie Mae 3% Down with Lower PMI Factor
Same as Conventional Loan Products

The HomeStyle loan is offered through Fannie Mae which provides borrowers a convenient and economical way to make moderate improvements on their home. The HomeStyle loan is a single-close loan that allows borrowers to purchase a home in need of repai ...[read more]

Minimum Credit Score

620

A jumbo loan, also referred to as a non-conforming mortgage, is a loan for homeowners that need a larger loan that is greater than the conforming loan limit in their area. In 2017, Fannie Mae and Freddie Mac implemented a conforming loan size limit o ...[read more]

Minimum Credit Score

680

The United States Department of Agriculture (USDA) created a loan program that allows borrowers to purchase a home with a zero percent down payment. More commonly, this mortgage product is known as the USDA loan program or Rural Development Guarantee ...[read more]

Minimum Credit Score

640

The United States Department of Veterans Affairs (VA) created a mortgage loan that provides financial assistance to veterans. This mortgage is guaranteed by the VA, which has helped over 25 million veterans and service personnel obtain a mortgage. Th ...[read more]